Saturday, October 24 2020

VietNamNews

Shares advance as confidence rises on quarterly earnings prospects

Update: September, 19/2020 - 07:27

 

Customers at a Vietinbank office in Hà Nội. The bank's shares gained 2 per cent on Friday. — VNA/VNS Photo Trần Việt

HÀ NỘI — Vietnamese shares ended the week on a positive note as third-quarter earnings expectations propelled capital into banking, securities, technology and consumer sectors.

The benchmark VN-Index on the Hồ Chí Minh Stock Exchange gained 0.77 per cent to end Friday at 900.95 points.

The VN-Index recovered from a 0.38 per cent drop and totalled a 1.35 per cent increase this week.

Banks, securities firms, technology companies and consumer businesses stood out among best-performing sectors on Friday.

The four industry indices rose between 1.1 per cent and 2.1 per cent, according to vietstock.vn.

The market was driven by investors’ expectations for those companies to release positive third-quarter earnings reports, VietDragon Securities Co (VDSC) said in a report.

Large-cap companies in the four sectors made their way up.

The brokerage sector was boosted by SSI Securities (SSI), HCM City Securities (HCM), VietCapital Securities (VCI) and VNDirect Securities (VND).

Vietinbank (CTG), Techcombank (TCB), VPBank (VPB) and Military Bank (MBB) were the four lenders that lifted the banking industry.

In addition, dairy and tech giants Vinamilk (VNM) and FPT Corp (FPT) advanced to support the consumer and information-technology sectors.

Those were also the large-cap stocks that helped bring the blue-chip tracker VN30-Index up 1.13 per cent to 841.26 points.

The VN30 futures due on October 15 were up 1.70 per cent to 846.3 points.

Positive gains in the large-cap group pulled mid-cap and small-cap indices up 0.97 per cent and 0.37 per cent, respectively.

“Investors’ sentiment is somewhat more optimistic,” BIDV Securities Corp (BSC) said in its daily report.

The VN-Index may keep increasing in the coming days to achieve new highs, the company said.

“The market is expected to remain positive in the last days of September on the back of leading large-caps,” Thành Công Securities Co said.

However, fluctuations may appear as the VN-Index had reached the short-term peak of 900 points, the company warned.

On the Hà Nội Stock Exchange, the minor HNX-Index was up 0.57 per cent to 129.20 points on Friday.

The northern market index extended its gains for a second day with total growth of 1.04 per cent.

The HNX-Index made a weekly gain of total 2.37 per cent.

More than 406 million shares were traded on the two exchanges, worth VNĐ7.15 trillion (US$309.7 million).

Foreign investors remained as net sellers, offloading a net value of VNĐ78.2 billion worth of local shares, down 43.6 per cent from the previous day. — VNS

 

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